HomeMy WebLinkAboutBy-law 2185AND WHEREAS by Order datedthe S' L
un er e'No (r FDb?ss-s? day of ?I 19
has approved the purposes ofttheOsaidlborrowingal and the Board
passing of this debenture by-law.
and the
B Y- L A W N U M B E R ° 1? 5
A BY-LAW OF THE CQB.PORATION OF THE TOWNSHIP OF PICKERING TO AUTHORIZE
THE BORROWING OF IX/S'3.0o0 FOR PUBLIC SCHOOL PURPOSES.
WHEREAS The Public School Board of School Area Number 2 of the Township
off` Piccerin in the County of Ontario has requested Council to provide
the sum of?/ja 00 0,,?ra for the erection of a school building;
AND WHEREAS it is expedient to borrow for the building of a six-roomed
scsc ooo Ouse in School Area Number 2 of the Township of Pickering, a sum
not exceeding $,/S3 000 , ao upon the credit of the CorporationA?
issue debentures therefor, bearing interest at the rates shown in the
third column of Schedule "A" attached to this By-Law and to provide for
the discount and the expenses incidental to'negotiation and sale of such
debentures;
AND WHEREAS it is expedient to make the said debt repayable in annual
instalments during the period of Twenty (20) years next after the date
of issue of such debentures, and such amounts respectively that, with the
interest in respect of the debt, the aggregate amount payable for principal
and interest in each year shall be, as nearly as possible, the same;
AND WHEREAS Pub - _ Sehe l Area Ntmt "" h ^ ^ ^T. t ^r 8i n c dc? nG
aft&the assessment of the Township of Pickering is , according
to the last revised Assessment Roll, €ei- sue 'e 991: lpapdAiA
AND WHEREAS the debenture debt of the Corporation this issue
when selQand. a. ;*QAev.r4i '_i approved ^•' A a is j _Z. A 92 p s ?an no part
of the principal or interest ofany such debt is i_1 arrears
THEREFORE the Council of the Corporation of the Township of ckering
ENACTS AS FOLLOWS:
For the purpose aforesaid the Corporation shall borrow upon the credit
of the Corporqtion a sum not exceeding _O.vE .?svvo,eED qvD FiF7-
v,PEe Ti+ovr/lNC? ?ecc1 and s all issue de entures t ere or
in sums of not less than 100.00 each. Each debenture shall bear
interest at the rates shown in the third column of Schedule "A" attached
to this by-law and shall have coupons attached thereto for the payment
of such interest.
The debentures shall be dated the -3/A4 -
day of g
shall be issued at one time, and shall be payable with interest in
annual instalments during the period of Twenty (20) years next after
the date of issue thereof, and the rate of interest and the respective
amounts of principal and interest payable in each of such years ahall
be as designated in Schedule "A" hereto annexed, which is hereby declared
to be and form part of this by-law.
The debentures shall be payable as to both principal and interest in
lawful money of Canada and may be made payable at the Bank of Commerce
in Claremont or at the principal office of the said bank in the City
of Toronto.
The said debentures shall be sealed with the Seal of the Corporation
and signed by the Head of the Council or by some other person authorized
by by-law to sign the same and by the Treasurer. The said interest
coupons shall be signed by the Treasurer and his signature thereon may
be written, stamped, lithographed or engraved.
(a
Cor--reir- it t'ic vent, 19F ni-I it caoh year thereafter it whi_cl; n,? irstal
°crt of pri.reipal nr9 interest hocores ,ire, the respective srrq set forth
it"e fifth oolrr"' of sell(- -I rle "1" liereto shell he leviol irI aoIIectoi
a? nnll?° 1w n ^,pooinl rnt.o sufficient tLerefor over al-l allow ill ntlier
rntos rno" t'1e property of ratepq-ers who are supporters of Pnhlif Schools
velar the itirislictinr of Tic Public School ?tonrl of Schnol Aron ,! in th
T Owrship of Piclcerir-.
- 2 -
5. (b) Commencing in
p-itteipal and interest the sp-e-
The said debentures may contain a clause
registration thereof pursuant to Section
providing for the
335 of The Municipal Act.
7. Pending the sale of the said debentures the Head of the Council
and the Treasurer may raise for the purpose aforesaid by way of
loan on such debentures any sum or sums of money not exceeding
in all the amount hereby authorized to be bo owed and may hypo-
thecate such debentures for such loan.
I8 R'. 1
BY-LAW read a First and Second time this bflth day o." ovelnbgr1956.
Reeve
Jerk
BY-LAW read a Third time and finally PASSED thisday of C=n ?
1951.
Reeve
S C 11 E D U L E "A"
;Attached to and Forming Part of By-Law Number 2185
Year Principal Interest Rate Interest Total
1958 40200.00 54% 9,509.75 130709.75
1959 4,400.00 9,268.25 13,668.25
"1960 4,700.00 9,015.25 13,715.25
1961 4,900.00 8,745.00 13,645.00
1962 5,200.00 81463.25 13,663.25
6
1963 51500.00 6% 8,164.25 13,664.25
1964 5,800.00 7,834.25 13,634.25
1965 6,200.00 7,486.25 13,686.25
1966 6,600.00 7,114.25 13,714.25
1967 7,000.00 6,718.25 13,718.25
1968 7,400.00 61% 6,298.25 13,698.25
1969 7,800.00 5,835.75 13,635.75
1970 8,300.00 5,348.25 13,648.25
1971 8,800.00 4,829.50 13,629.50
1972 9,400.00 4,279.50 13,679.50
1973 10,000.00 620 31692.00 13,692.00
1974 10,600.00 3,042.00 13,642.00
1975 11,300.00 21353.00 13,653.00
1976 12,100.00 1,618.50 13,718.50
1977 12,800.00 832.00 13,632.00
153,000.00 120,447.50 273,447.50
i
a
THE COId'Otd.9210N OF THE TOIETSHIP Or YIOhlIi.ING
BY-LA1? NO........
Schedule "0
Year Principal Hate Interest 'Dotal
1 04,200.00 54% °P91509.75 $13,709.75
2 4,4W-u0 9,268.25 13,668.25
3 4,700.00 9,015.25 13,715.25
4 4,900.00 8,745.00 15,645.00
5 51200.00 8,463.25 13,663.25
6 51500.00 6% 81164.25 13,664.25
7 5,800.00 71834.25 133634.25
8 6,200.00 7,486.25 13,686.25
9 6,600.00 70114.25 13,714.25
10 7,000.00 60718.25 13,718.25
11 7,400.c0 64?6 b,298.25 13,698.25
12 7,00.00 5,835.75 13,635.75
13 8,300.00 5048.25 13,648.25
14 8,800.00 4,829.50 13,629.50
15 9,400.00 4,2'79.50 13,679.50
16 10,000.00 6?h 3,692.00 13,692.W
17 10,600.00 3,042.00 13,642.00
18 11,30L).00 2,353.00 13,653.00
19 12,100.00 1,618.50 13,718.50
20 12,800.00 832.00 13,632.00
153,OW .00 120,447.50 273,447.50